1.) When a girl shows up (to a party or other) later than "fashionably" late, but she is looking EXTRA good and flashy. i.e. barely wearing any clothes.
Rod: "Hey... Jen finally made it to the party!... DAMN look at what she's wearing!"
Dave: "Yeah.. she made it alright... Flashionably Late and lookin' MIGHTY fine!"
"Damn, look at that smooth threads on him, now that's flashion!" or, alternatively, "Hey, look at that fake Gucci handbag with the mangy mutt inside, anti-flashion alert!"